Monday, January 14, 2008

River Grove, Illinois - 60171 Year End 2007

The village of River Grove is located approximately 12 miles northwest of the Chicago "Loop" in suburban Cook county. According to the 2000 census the population was 10,668, with 4,404 households. The village has a total area of 2.4 square miles.

The village's municipal neighbors include Chicago to the north, Elmwood Park to the east, Melrose Park to the south, and Franklin Park to the west. Transportation links include 1st Avenue and Grand Avenue. Commuter train service to Chicago is available with a station in the village. O'Hare International Airport is approximately 5 miles from the Village.

There were 49 sales of single family homes in 2007, according to data from the Northern Illinois MLS. The sales volume was down from 79 sales in 2006. Sales prices decreased with the average 2007 sales price at $286,621.00, compared to $303,170.00 in 2006. Marketing times were an average of 126 days on the market, up over the 2006 average of 76 days.

As of January 13, 2008 there are 64 active listings of single family detached homes in the MLS. At the 2007 level of absorption this is 15.68 months of unsold available inventory. A 3-4 months supply of inventory is considered "in balance", this level is an oversupply.

To recap 2007 for detached homes, sales volume was down -37.97%, average sales prices were down 5.45%, and the days on the market were up +65.78%. This market is oversupplied and the 64 active listings have already been on the market an average of 190 days.

The condo/townhouse market had 32 sales down from the 55 properties that sold in 2006. Sales prices saw a decline with the average 2007 sales price at $156,484.00, compared to $198,634.00 in 2006. Marketing times were an average of 157 days on the market, up over the 2006 average of 108 days.

There are 26 active listings of attached homes in the MLS. Based on the 2007 level of absorption this is 9.77 months of unsold inventory.

The condo/townhouse market is over supplied, sales volume was down -41.81%, average sales prices were down -21.21%, and the days on the market were up +45.37%. The 26 active MLS listings have been on the market an average of 226 days.

Overall there is too much inventory for the demand, this points to long marketing times and lower prices in 2008.

If you have an active listing or need to sell in 2008 now is the time to get an appraisal. The market has changed and only the most competitively priced homes will be selling soon.

Make sure that your listing is competitive, get a current appraisal. Complete appraisals of single family homes and condominiums start at $275.00. this is a small price to pay for knowledge that will help you position your house to sell in the current market.

Citywide Services provides residential appraisal service in River Grove, Illinois 60171. Our appraisers are state certified and have experience with single family homes, town houses, condominiums as well as small residential income properties. When you need to find an appraiser in Cook county contact Citywide 1-800-405-9718